According to a report from McKinsey & Company, global demand for metal nickel is expected to increase from 2.2 million metric tons to somewhere in the range of 3.5 million to 4.0 million metric tons by 2030.

The report said 74% of the nickel market is still owned by the stainless-steel industry, but there is growing interest from the electric-vehicle (EV) battery segment, which currently only represents 5-8% of demand. For the EV battery industry, the quality of the nickel used defines the quality and performance of the battery.